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Thoratec Reports 37 Percent Increase in Annual Revenues From Continuing Operations
Date:1/27/2011

h occurred in the first quarter of 2010.

On a GAAP basis, other expense was $8.9 million in 2010 versus other expense of $7.2 million in 2009. On a non-GAAP basis, other expense totaled $672,000 versus other income of $442,000 a year ago. Other income and expense on a non-GAAP basis is described later in this press release.

The company’s GAAP effective tax rate in 2010 was 36.2 percent versus 32.1 percent in 2009. The non-GAAP tax rate, which is described later in this press release, was 35.2 percent in 2010 compared with 34.9 percent in 2009. The increase in the GAAP and non-GAAP effective tax rates was due to higher pre-tax income and return to provision adjustments.

Cash and investments at the end of 2010 were $469.5 million versus $331.6 million at the end of 2009.  The cash balance at the end of fiscal 2010 includes proceeds of $55.0 million from the sale of ITC.

GUIDANCE FOR FISCAL 2011

The following statements are based on current expectations. These statements are forward-looking and actual results may differ materially. For a more detailed discussion of forward-looking statements, please see additional information below.

The company expects revenues will be in the range of $410-$425 million, driven by revenue growth of 10-15 percent for the HeartMate product line. Revenues for other product categories, including the Thoratec line, CentriMag and grafts, are in aggregate expected to decline by approximately 10 percent versus 2010 to approximately $45 million.

Gross margins on a GAAP basis are expected to be approximately 67.5 percent and on a non-GAAP basis gross margins are expected to be approximately 68 percent.

GAAP operating expenses are expected to increase approximately 11 to 12 percent over 2010, while non-GAAP operating expenses are expected to increase approximately 10 percent versus 2010. The projected growth in operating expenses is due primarily to investments in our technology
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SOURCE Thoratec Corporation
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